The post [Guest Post] With Banks Banning Cryptocurrency Purchases on Credit Card, What Should Your Next Step Be? appeared first on CoinReport.
The year 2018 has not been all that positive for Bitcoin just yet. With the Bitcoin price in a slow and steady decline, it is evident something will need to change. Moreover, early adopters of Bitcoin as a payment option are rethinking their decision. Reddit is the latest company to remove BTC as a payment method altogether.
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Toronto-Dominion (TD) Bank is the latest financial institution to ban customers from using their credit cards to purchase cryptocurrency. As more retail investors continue to be onboarded, banks are looking to protect them from making ignorant decisions.
Weighing Risk, Regulation, and Rapidity
In a recent move that has become common from banks, TD Bank is effectively halting the use of credit cards to purchase cryptocurrency. Originally still permitting purchases even after the first move from banks began, TD Bank has now fallen in line with a growing policy change.
Those looking to buy the dip and take advantage of what is essentially a 60%-off Bitcoin sale can now conveniently purchase the dominant cryptocurrency with credit cards via Bread.
The Best Thing Since Sliced Bread
Bread, a clean and user-friendly Bitcoin wallet available on both iOS and Android, announced this week:
Starting this week, Bread customers around the world will have the ability to use a credit card to purchase bitcoin and have it deposited directly into their Bread. This new feature builds on a partner integration with Simplex to allow high limits and near-instant delivery for most users.
JPMorgan, Bank of America, and Citigroup are all putting a stop to Bitcoin purchases made using their cards, citing high risk due to extreme price volatility.
Credit Card Declined
With Bitcoin suffering one of its worst weeks since 2013, major US banks are putting a stop to Bitcoin and other cryptocurrency purchases made using their credit cards. According to reports, JP Morgan Chase, Bank of America, and Citigroup are all banning cryptocurrency purchases using their credit cards, leaving some investors eager to “buy the dip” out in the cold.